Michael Kors Sells Another $185 Million of His Stock

Michael Kors, the famed designer, is www.michaelkorsbagmk.com padding his silk, well-cut pockets again. Getty ImagesSince taking his namesake public on the New York Stock Exchange in December 2011, Mr. Kors has already sold about 16 million shares, including in the IPO, and this week is selling at least 3 million more, drawing down his ownership and bringing in big gains along the way.The latest offering, with insiders selling a total of 25 million shares, was announced Tuesday evening, just after the shares closed at a new high of $64.84. It priced on Wednesday night at $61.50, not even a discount to that day’s close.Mr. Kors will now hold just 2.4% of shares, about 4 .85 million of them, and that could fall to as low as 2.2% if underwriters exercise their overallotment, according to a filing. Before the IPO, Mr. Kors held about 11.7% of all shares, over 22 million in total.And for the fourth time in four tries, Mr. Kors and the other selling shareholders have managed to sell their shares at a higher price that the previous offering. The latest sale wasdone at $53 in September, before thatit was $47 in Marchand before that the IPO was priced at $20.The funds the shareholders have reaped have been enormous. http://www.michaelkorsbagmk.com